⚡Saudi Aramco’s CEO said oil reserves that protect the world against supply shocks have become “alarmingly low” and markets are at risk of further deterioration unless the Strait of Hormuz is reopened.

Amin Nasser said on Monday at an energy intelligence meeting in London that: “Until Hormuz is fully reopened and trust is restored, the bitter truth is that pressure is intensifying at both ends of the barrel. Pressure on crude oil is serious, but prices for refined products have risen even more sharply.”

According to Bloomberg, his remarks came days after the G7 countries announced plans to release up to 100 million barrels of oil and diesel from emergency reserves.

Nasser said releasing reserves buys time for economies, but it does not solve the supply-and-demand imbalance. According to him, even after the reopening of the Strait of Hormuz, refilling the reserves of consuming countries may take up to two years.